Mortgage Brokers Croydon | Home Loans Croydon
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Buying a property in Croydon
Over the last year, the median property prices in Croydon ranged from $1,890,000 for houses to $814,500 for units, so if you're looking at purchasing a property in Croydon, get in touch with Irene Cujko to discuss your borrowing capacity.
As your local home loan experts in Croydon, Irene Cujko and her team can help you assess the mortgage market and find a home loan that’s tailored to your individual needs. Get in touch with her today!
Contact our Mortgage Angels today!
Should you choose a fixed or variable interest rate?
When it comes time to choose the type of home loan you should have, it can feel pretty overwhelming. To help you through this decision, we've outlined the pros and cons of fixed and variable interest rates. Of course, we are also available to discuss your options with you directly.
Pros and cons of a fixed rate
A fixed rate loan is a loan that has a fixed interest rate and therefore fixed loan repayments. The time period of these loans can vary, but you can usually "lock in" your repayments for between 1-5 years.
Pros:
- Repayments do not rise if the official interest rate rises
- Provides peace of mind for borrowers concerned about rate rises
- Allows more precise budgeting
Cons:
- Repayments do not fall if rates fall
- Allows only limited additional payments
- Penalises early payout of the loan
Pros and cons of a variable rate
A variable interest rate is one that can change over time. So if you choose a variable rate home loan, the interest you are charged can increase and/or decrease throughout the term of the loan.
Pros
- Variable rate home loans typically offer more flexibility and features
- You may be able to make additional repayments on top of your minimum repayments
- If interest rates fall, the amount of interest you are charged may decrease.
Cons
- Budgeting can be difficult due to not knowing exactly how much your repayments are going to be.
- If interest rates rise, the amount of interest you are charged may increase.
Of course, there are pros and cons to both, so why not take a moment to watch our short video below to learn more!
Free Loan Resources
If you're researching the best ways to secure a loan, then you may find our guides useful. Feel free to check out some of our free resources below.
- Guide: Your guide to refinancing
- Guide: Step by step to property ownership
- Home Loan Calculator: How much can I borrow?
If you're ready to speak with a mortgage broker in Croydon, call Irene and her team on 02 9674 8014.
Our team of Mortgage Angels can help you:
- Refinance your home loan
- Secure an investment loan
- Find a loan for your first property
- Find a loan for a property in Strathfield
- Secure a loan for a property in Burwood and
- Find a loan for a property in the Hawkesbury region
Photo credit: Realestate.com.au
